I've used the El-Cheapo II and the OxySpy. They both use a good oxygen cell, and should be quite adequate for almost any light to medium-duty needs. Here are the differences I've noticed:
The ECII wins hands-down in price. It's a fantastic deal, and you just need a little skill, or get a case of good beer to buy time from a friend with some skill. If anyone has issues with the switch or trim pot (zero adjustment knob) they're dead easy to replace/upgrade with cheap parts from Radio Shack or many websites.
The OxySpy is probably a more attractive, more "finished" product, and that's much of what you're paying for. The calibration is extremely easy, although often neglected by the shops where I purchase nitrox - most use OxySpys and many of the employees don't know the calibration routine... it's holding down one button for god's sake!
Where the ECII needs improvement: Aquamaster is right, get yourself a chamber or flow-through tee. If you don't use a flow restrictor, you need to be as sure as you can to use the same flow rate, or read a zero-flow nitrox-flooded chamber/tee.
Where the OxySpy needs improvement: The seal is a bit hard to form on some tank valves, and an imperfect seal resulys in air being venturi-drawn into the testinf chamber. Make sure you get a good seal against the tank!